LEGAL GUIDELINES
Prior to viewing
Prior to arriving in Spain you should make sure that you have at your disposal sufficient funds to cover the reservation sum. The absolute minimum required is normally 6.000 euros, but may be greater for high priced properties. The reservation sum may be paid with a credit card or cash. A cheque, if drawn on a foreign bank account, may take up to ten days to clear by Spanish banks. If you do not have the means to lodge a reservation sum immediately, you risk losing the property to another party who does have the reservation sum available.
Negotiating the purchase
Once a suitable property has been chosen, the purchase terms and price may need to be negotiated with the seller. You may wish to make your offer subject to mortgage, or vary final completion dates, or the terms of payment.
We may at this stage feel it of benefit to bring into the team a recommended lawyer to assist further

to include with the offer a reservation deposit until the exchange of private contracts. This insitial reservation deposit may be held in our client´s account or your appointed lawyer´s client account.
Exchange of private contracts
Upon acceptance of the offer by the owner the next step in the sales process is to exchange private contracts of sale or to sign an option to purchase. This normally takes place within two weeks following formal acceptance of the offer. Your lawyer will have completed his searches and investigations of the property and will have arranged with the owner the procedure for the cancellation of any outstanding debts. The private contract of sale or option will reflect all the agreed terms of the offer and sale and set out the date for final completion at the notary. It is customary practice at this stage to pay 10% of the purchase price.

in the negotiation making sure that any offer meets all necessary legal criteria. This service is free of charge should you decide not to proceed.
Choosing a Lawyer
There are many excellent local lawyers in Menorca who are fluent in your language. A lawyer will provide the legal guarantees for the purchase of the property ensuring that Spanish legal requirements are met and that the property is bought free of encumbrances, charges, liens or debt and is up to date in all its payments of local contributions and community charges etc. The lawyer may also assist the sales team in difficult and complex negotiations with the owner. Using a lawyer from your home country will substantially increase your legal costs and most certainly delay the sales process.
Formalising the offer
Once there is a verbal accord between parties, the next step will be to formalize the terms of the offer in writing. It is normal practice in Spain





















Final completion at the notary - A sale is formally completed in Spain when the public title deeds of purchase are signed before a notary, the final payment made, and possession given to the buyer.
Registration - Once signed, the notary will fax a note of the title deeds to the local land registry. Your lawyer will also pay on your behalf all the relevant transfer taxes associated with the purchase and will handle the formalities of registration of your title deeds. Final registration of the deed may take up to two months. Similarly, your lawyer will arrange for the transfer of accounts with the local suppliers of utility services such as water and electricity and organize their payment through a local bank.
Costs involved in purchasing a property - There are, in principal, three fees and two taxes to pay when purchasing property in Spain. As a rule of thumb, you should estimate that the combined total of these amounts will be around 10% of the purchase price.
FEES AND TAXES